The Intelligent Consumer: Making the Most out of Each Dollar

by Doug Brown

Spending money is much easier than earning it. Even among high earners, it is essential to pay attention to how you are spending your money; otherwise, you could end up running out. There are ways that you can enhance the efficiency of your dollar and ensure that you get the most out of its purchasing power every time you spend one.

Top Tips for Shopping Efficiently  

The following tips will help you to ensure that you are not wasting money when you go out shopping. If you are not mindful, it is incredibly easy to waste significant sums of money without even thinking about it. These tips are all easy to follow and make intuitive sense, so it is something that should not be too much of a challenge to stick with if you would like to try it out.

Choose to Wait Until a Price Reduction  

It is recommended that any time you consider purchasing something that has been recently released, it is advisable to wait until there has been a price reduction. You could also try to go and purchase whatever it is you would like to buy secondhand. Most items lose a significant portion of their value as soon as they become used instead of new. Let someone else take this loss and see if you can find a lightly used version of what you were trying to buy new for a fraction of the price.

 Save Money on Utilities 

Since the utilities were deregulated a few years ago, most people can now shop for energy providers the same way you shop for the best deals on other consumables.   Websites such as this one featuring Pepco in Maryland make it easy to shop for, and find the best rates.

Purchase Clothes for the Previous Season  

One of the incredibly easy ways to save significantly is on clothing or seasonal items. The best way to go about by saving on clothing is to purchase off-season clothing items. This means that in the wintertime, you will be buying summer clothes, and in the summertime, you will be buying winter clothing. Typically during the changing of the seasons, off-season clothing will be reduced in price markedly, representing an incredible opportunity for cost savings.

Limit Your Impulse Buys at the Grocery Store by Using Grocery Delivery  

People end up wasting significantly more money than they realize because of impulse buys they make at the cash register. This could be something as simple as picking up a pack of gum. If you do something like this every day, it is easy to spend hundreds of dollars each month on frivolous items. Use a grocery delivery service, and you will eliminate the possibility of this occurring. If you do not go into the grocery store, then you cannot be tempted by the impulse buys at the cash register. Grocery delivery services are excellent because they are convenient, and they allow you to get all the groceries you need without being tempted to spend anything additional.

Do Not Fall for the Supposedly Great Savings Guaranteed by a Sale Price  

Every time you walk in to a department store, if you pay close attention, it will look as if almost every item in the store is on sale. This is a marketing tactic that means to make you feel as if you are missing out by not purchasing. Most stores use some version of this type of advertising behavior.

It is important to remember that if you buy a pair of shoes that usually cost $100 for $25, you did not save $75, you spent $25. This is simple in theory, but if you can implement it in practice, you will recognize an immediate shift in your perception of the value of the sale.

Stay Honest with Yourself  

You know your self better than anyone else. If you know that you will likely spend more money than you need by going out, then be honest with yourself.

Instead of going out, think about what you could do that would not tempt you to spend money. Instead of relying on willpower to avoid temptation, avoid temptation in the first place entirely.

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